Plant Based Meat Market Size, Share & Trends Analysis Forecast 2023-2030

Industry Insights

[214+ Pages Report]  According to the report published by Facts & Factors, the global plant based meat market size was valued at USD 4218.97 million in 2022 and is likely to surpass USD 18417.96 million by the end of 2030. The plant based meat industry is expected to grow with a CAGR of 20.14% during the forecast period.

The report analyzes the global plant based meat market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the market.

Market Overview

Plant-based meat is a kind of food product with a similar appearance, texture, and taste to traditional meat, but they are entirely prepared from plant-based ingredients. Meat alternatives are prepared to offer the same culinary experience as meat products while being environmentally friendly and more stable at the same time.

Key Insights

• As per the analysis shared by our research analyst, the global plant based meat market size is estimated to grow annually at a CAGR of around 20.14% over the forecast period (2023-2030).
• In terms of revenue, the global plant based meat market size was valued at around 4218.97 million in 2022 and is projected to reach 18417.96 million by 2030.
• The growing interest of people in plant-based diets is likely to drive the growth of the global plant based meat market.
• Based on the end-user, the HORECA segment accounts for the highest share of the global market.
• Based on the storage, the frozen plant-based meat segment holds the largest share of the global plant based meat market.
• Based on the type, the plant-based chicken segment is noted to observe a high growth rate in the forthcoming years.
• Based on the product, the burger segment is likely to dominate the global plant based meat market.
• Based on the sources, the soy segment is expected to be the fastest-growing segment in the global market.
• Based on region, North America is expected to dominate the market during the forecast period.  

Growth Drivers

• Growing interest of people in plant-based diets is expected to drive the growth of the global market.

There is a significant shift in people's preferences regarding their diet choices. This shift is because people are increasingly recognizing the health benefits associated with plant-based diets. Also, plant-based food products are likely to offer more antioxidants, minerals, vitamins, and fiber while being low on cholesterol and other saturated fats when compared to their animal counterparts.

Also, there is a growing concern regarding chronic health conditions, heart diseases, and obesity, which further encourages people to adopt plant-based meat products. Increasing environmental consciousness is another major reason positively impacting the growth trajectory of the global plant based meat market.

People are recognizing the ecological impact of animal agriculture and thereby shifting their preferences from animal-based products to plant-based food products. For instance, Planterra, a JBS SA-owned plant-based meat division, in October 2022, stopped its operations in the US to serve European countries with a growing potential for alternative protein markets.

Restraints

• Price and availability are some of the restraining factors in the global market.

While the plant-based meat market is experiencing a high growth rate, there are a few factors expected to slow down the growth trajectory of the global plant based meat industry. Price and affordability are two major factors restricting the expansion of the market globally. The plant-based products are priced a little higher as compared to their animal counterparts. The price disparity is quite sensitive for many customers, which in turn is expected to restrict global market growth.

Opportunities

• Advancements in taste and culinary skills are likely to offer lucrative growth opportunities in the global market.

Plant-based foods have evolved significantly in recent years. The development of dairy and meat alternatives is offering lucrative growth opportunities in the global plant based meat market. The advancements in technology to offer food varieties similar tastes and appearances as their meat counterparts are likely to widen the scope of the global plant based meat market. The improved culinary techniques and product formulations help manufacturers to closely mimic the properties of animal-based products, thereby making them more appealing.

Challenges

• Limited availability and distribution issues are a big challenge in the global market.

Although there is a significant growth in the food varieties in plant-based meat products, people are still looking for some innovative and wide availability of options as their animal counterparts which is a big challenge in the global plant based meat industry. Furthermore, the presence of a few distribution networks of plant-based meat products is one of the biggest factors negatively impacting the tragedy of the global market.

Segmentation Analysis

The market can be segmented into end-user, storage, type, product, sources, and region.

On the basis of end-user, the market can be segmented into HORECA (hotel/restaurant/cafe) and retail. The HORECA segment accounts for the highest share of the global plant based meat market in lieu of the fast-growing number of casual dining venues, fast food chains, and cuisine-specific restaurants.

The segment held around 59% of the global market share in the year 2022. The fast-growing popularity of flexitarian and vegan diets is further fueling the growth of the segment. The cuisine-specific restaurants and casual dining venues effectively dedicate a section solely to meat-free options, which is further a significant reason for the high growth rate of the segment.

On the basis of storage, the market can be segmented into shelf-stable plant-based meat, frozen plant-based meat, and refrigerated plant-based meat. The frozen plant-based meat segment holds the largest share of the global plant based meat industry. It swiped around 56.46% of the market share in 2022.

Such a high growth rate of the segment can be attributed to increasing innovation in the food sector, particularly in the vegetarian category. The rise in frozen, chilled, and ambient food products globally is expected to fuel the growth of the segment in the forthcoming years.

However, the refrigerated segment is also expected to see a significant rise in demand due to the increasing shortage of meat products globally. Nowadays, frozen products are increasingly being replaced by refrigerated counterparts, which is expected to further increase the market share and volume of the segment.

On the basis of type, the market can be segmented into fish, beef, pork, chicken, and others. The plant-based chicken segment is noted to observe a high growth rate in the forthcoming years. The segment held around 34% of the market share and volume in 2022.

The growth can be largely attributed to the traditional habit of using chicken as a prime ingredient in a variety of products like cutlets, patties, nuggets, and others. However, chicken is loaded with protein, in addition to cholesterol and animal fat.

On the other hand, plant-based chicken products are said to hold the same amount of protein without any harmful cholesterol and animal fat. Thereby, it is expected to propel the demand of the segment during the predicted period.

On the basis of product, the market can be segmented into grounds, nuggets, patties, sausages, burgers, and others. The burger segment is likely to dominate the global plant based meat industry during the anticipated period. The segment accounted for around 29% of the market volume in 2022.

The major factor responsible for the growth of the segment is its capability to imitate the exact bleeding texture, flavor, and aroma of the meat products. Big companies are manufacturing burgers with genetically modified forms that are able to mimic the exact natural heme-iron property present in the animal counterparts, thereby offering distinct flavors.

On the sources, the market can be segmented into wheat, pea, soy, and others. The soy segment is expected to be the fastest-growing segment in the global market as it swiped around 49% of the total global revenue in the year 2022.

Soy is known to be a highly rich source of branched amino acids, which holds its ability to strengthen muscle mass, recover the body from a heavy workout and also improve exercise performance. Soy meat products help reduce the formulation cost and release a low carbon footprint when compared to their animal counterparts. Additionally, the growing demand for soy-based meat products is expected to spur due to their improved micro ability, enhanced convenience, and easy slice ability.

Report Scope

Regional Analysis

• North America dominates the global market in the coming period.

North America accounts for the largest share of the global plant based meat market. It acquired around 37% of the total market volume in 2022. Such a high market acquisition rate can be attributed to the growing consumer awareness among people in the region regarding the various risks associated with consuming meat products.

Consumers' perception of food products has shifted significantly. Nowadays, people are looking for more sustainable and safe food products in terms of their impact on health and the environment.

However, such a landscape has significantly shifted a large pool of consumers towards plant-based meat products, thereby fostering developments in the regional market in the forthcoming years. For instance, Beyond Meat, Inc., in October 2022, revealed a new meat-based plant product named Beyond Steak which is targeted to meet the demand of the flexitarian and meat-lover population in the US.

However, Europe is also expected to see a steady growth rate in the coming years due to the positive outlook of consumers on vegan meat products. The growing trend of boycotting animal cruelty products is further expected to diversify the regional market during the predicted period. Also, the growing initiatives from the government are likely to support the growth of the regional market.

Asia Pacific is also anticipated to witness a huge growth rate during the anticipated period due to the growing efforts of the companies to mimic the texture and taste of exotic meat products like veal and lobster.

Competitive Analysis

• LikeMeat GmbH 
• Gold Green Foods Ltd. 
• Impossible Foods Inc. 
• Yves Veggie Cuisine 
• Amy’s Kitchen Inc. 
• DR. PRAEGER’S SENSIBLE FOODS 
• No Evil Foods 
• Kellogg NA Co. 
• OmniFoods 
• Gooddot 
• Eat JUST Inc. 
• Moving Mountains 
• Ojah V.Marlow Foods Ltd. (Cauldron) 
• Trader Joe's 
• VBites Foods Limited 
• Lightlife Foods Inc. 
• Kraft Foods Inc. 
• Sunfed 
• Tofurky 
• Quorn 
• Conagra Inc. 
• Vegetarian Butcher 
• Maple Leaf Foods 
• Beyond Meat.

The global plant based meat market is segmented as follows:

By End-User Segment Analysis

• HORECA
• Retail

By Storage Segment Analysis

• Shelf-Stable Plant-Based Meat
• Frozen Plant-Based Meat
• Refrigerated Plant-Based Meat

By Type Segment Analysis

• Fish
• Beef
• Pork
• Chicken
• Others

By Product Segment Analysis

• Grounds
• Nuggets
• Patties
• Sausages
• Burgers
• Others

By Sources Segment Analysis

• Wheat
• Pea
• Soy
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America